The Nigerian Upstream Petroleum Regulatory Commission has approved major field development plans valued at approximately $20 billion over the past 10 months, reflecting renewed stability and investor confidence in Nigeria’s upstream petroleum sector.
Gbenga Komolafe, Chief Executive of NUPRC, announced that the Commission will conduct another licensing round on December 1, 2025, which is anticipated to be more transparent and globally competitive than the 2024 round. The upcoming exercise, described as a defining moment for the industry, is designed to open new frontiers, unlock fresh opportunities for both local and international players, and strengthen the country’s reserves base.
“Our expectation is that this licensing round will be a turning point for Nigeria’s oil and gas industry. Everyone willing to participate will have the opportunity. The process will meet global standards as we work toward achieving the national aspiration of adding one million barrels of oil per day to our production profile,” Komolafe stated during a two-day capacity-building workshop for energy journalists in Lagos.
The NUPRC chief emphasized that despite the global decline in oil and gas investments as countries accelerate energy transition strategies, Nigeria continues to record steady progress. Reforms implemented under the Petroleum Industry Act 2021, combined with support from President Bola Tinubu’s administration, have strengthened regulatory clarity and boosted investor confidence.
Komolafe disclosed that the number of oil rigs in Nigeria has risen to nearly 70, with over 40 rigs currently active. Nigeria’s daily crude oil production has on multiple occasions exceeded 1.7 million barrels per day this year, demonstrating the country’s capacity to surpass Organization of Petroleum Exporting Countries targets.
The Commission chief stressed the critical role of media in shaping investor perception, cautioning that inaccurate or sensational reporting could discourage potential investments. He urged journalists to maintain factual, contextual, and development-oriented reporting, placing national interest at the forefront.
“The oil and gas sector is highly sensitive to perception. Your reporting can either reassure investors or deter them. I urge the fourth estate to center national interest in your work, especially as we compete globally for energy investments,” Komolafe said.
The NUPRC reaffirmed its commitment to transparency, noting that the Commission consistently publishes data and updates on its website, social media platforms, and quarterly magazine. Komolafe called for deeper collaboration between the Commission and the media, emphasizing that both institutions must continue to uphold openness and accountability in pursuit of Nigeria’s economic growth.
Sources: orientalnewsng.com, This Day through allafrica.com